dfcu Bank in partnership to enhance financial and digital inclusion in Uganda.

Press Release

23rd July 2020

Rabobank, Embassy of Kingdom of Netherlands (EKN) and dfcu Bank have signed a tripartite agreement to enhance financial and digital inclusion in Uganda.

The partnership implemented through a three-year Technical Assistance (TA) program was announced during a virtual signing ceremony attended by the Head of Rabo Partnerships Advisory, Mr. David Gerbrands, deputy Ambassador of the Netherlands to Uganda, Joris van Bommel and dfcu Bank’s Chief Executive Officer Mathias Katamba this morning.

According to Rabo Partnership’s CEO, Mrs. Marianne Schoemaker, Rabo Partnerships strongly believes in the opportunity and responsibility of financial institutions to foster sustainable economic development.

“We are happy to extend our technical assistance program for another three years. As a strategic partner dfcu has demonstrated its dedication to playing an integral role in increasing access to financial services for all customer segments. This is supported by its strategic ambition to be a universal bank, leading the market and using modern technologies going forward,” said Mrs. Schoemaker.

This partnership builds on the long-term association between Rabo Partnerships and dfcu Bank which started in 2014 with a five-year Technical Assistance program valued. The objective was to achieve structural improvement in access to financial services, deepening of agriculture-finance and increasing deposit mobilization in Uganda. The program was supported by The Embassy of the Kingdom of The Netherlands.

dfcu Bank’s Chief Executive Officer Mathias Katamba noted that through the initial TA program dfcu made significant steps towards positioning itself as the bank of choice for agri-finance while consolidating its position as the leader in the SME market segment.

“We will be building on the achievements of the previous Technical Assistant program focusing on supporting the entire food and agriculture value chain by increasing access to finance, exploring digital ways to enhance distribution, build products and services for agri-business and also focus on enhancing digital inclusion by delivering value to customers through innovation,” added Mathias Katamba.

Deputy Ambassador Joris van Bommel underlined the strategic importance of this collaboration. “The Netherlands is supporting and investing tremendously in the Food and Agricultural sector in Uganda. We do see an important role in stimulating the linkages between the increase of productivity and access to finance in the agricultural sector in Uganda.”

While Financial inclusion, as driven by digital financial services, through formal relationships with banks remains relatively low at 11% of all adults, it is a key driver to reducing income inequality and poverty while boosting household livelihoods, productivity, development and economic growth.

 

Media Contact:

Rabo Partnerships: Joris Hoff – Press officer Rabobank, +31 6 8328 9607

Embassy of the Kingdom of Netherlands: Communication Officer, Winnie Ayero : KAM@minbuza.nl

 

dfcu Bank:  Rukh-Shana Namuyimba – Communications & Events Manager, +256 772 760 823, rnamuyimba@dfcugroup.com

 

About Rabo Partnerships B.V. (Rabobank)

Rabo Partnerships (RP), a full subsidiary of Rabobank, will be the principal provider of expertise in this project. RP’s mission is to provide developing societies with improved access to financial services, employing cooperative principles and banking expertise. RP endeavours to reach the unbanked, whether they are smallholders, SMEs or private individuals. To this end it provides advisory services and minority participations via Rabo Partnerships’ Advisory Services. Rabobank’s mission of Growing a Better World Together among others refers to a growing world population requiring more food production whilst having to take care of the world’s natural resources. It strongly adheres to the need for a transition of global food systems in which developing countries are likely to play a key role over the coming decades. A shift towards more sustainable food systems with better yields will require better financial services throughout the value chains. Rabobank believes that strong financial institutions are able to contribute to that change. Financial Institutions, locally embedded and owned, in Rabobank’s view are an important tool for inducing this change.

 

About EKN – Embassy of the Kingdom of The Netherlands in Uganda

The Netherlands is committed to support the inclusive, legitimate and sustainable development of Uganda, in line with Vision 2040 of the Ugandan Government. With the current Netherlands’ Multi Annual Country Strategy for Uganda 2019-2022, the Embassy of the Kingdom of The Netherlands in Uganda, together with its partners, aims to contribute to the continued development of Uganda through increased democratic governance, improved reproductive health services, more resilient food systems, higher youth employment and an enhanced trade and investment relationship.

 

About dfcu

dfcu was established in 1964 as a development finance institution. Over the years dfcu has been associated with many success stories in Uganda’s economy in various sectors including agribusiness, communication, education, health, manufacturing, tourism, real estate, mining, construction, transport, trade and commerce, among others.

 Key Milestones

1999 : Bought Uganda Leasing Company, renamed it dfcu Leasing.

2000 : Bought Global Trust Bank, renamed it dfcu Bank, and started commercial banking.

2004 : dfcu Limited was listed on the Uganda Securities Exchange.

2008 : Merged its two businesses (Development Finance and dfcu Bank) to create a “one-stop shop “under dfcu Bank.

2013 : Realignment of shareholders bringing on board a strategic partner – Rabobank, with significant experience in agribusiness.

2014:  Consolidated business operations into our Head Office – dfcu Towers.

2014 : dfcu Bank acquired some assets and took over some liabilities of Global Trust Bank (In Liquidation_

2016 : Aligned shareholding with Rabobank, Norfund and FMO combining to form Arise which is committed to strengthening and developing effective, inclusive financial systems in Africa with a long-term perspective.

2017 : Acquisition of certain assets and assumptions of some liabilities of Crane Bank Limited (In Receivership).

For more information visit www.dfcugroup.com

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